Entrepreneurs are risk-takers.

Risk-taking has its advantages. For starters, you’ll never get anywhere new if you’re not going to take a risk—heck, even the act of walking requires at least a minimal risk of falling.

But risk-taking has its disadvantages too. If you take too big a risk, you stand to lose everything. Anyone who’s ever been to Las Vegas can tell you that.

The secret to starting up as an entrepreneur without exposing yourself to the possibility of complete and utter failure? Minimizing the downside of risk. And there happens to be an entire worldwide industry built around that basic premise: small business and startup insurance.

Having insurance protect your small business may seem like an unnecessary expense in the early days of your new company. Heck, it might seem like an outright waste of money. But the security it provides can potentially be invaluable—if you have the right insurance.

So how do you know whether or not you need insurance, and if so, what kind of insurance you should buy? Here’s our guide to small business and startup insurance:

Different Kinds of Business Insurance Available

If you’re the worrying type, then you can rest easy knowing that there’s a different type of insurance out there that will cover just about anything you could possibly hope to encounter in your days as an entrepreneur. The trick is to give yourself the maximum amount of coverage for the smallest possible investment. Think of it as just another area in which you need to maximize your ROI.

The Small Business Association recommends a number of different types of business insurance. You’ll want to read up on these different insurance types to see which might be the best for you:

If you already have a business up and running, chances are that you know which kinds of insurance would likely work best for your individual enterprise. But how can you be sure? Let’s run down a list of different business types to diagnose and recommend a specific type of insurance for your needs.

Matching the Business Type to the Insurance You Need

Not every type of insurance is right for every business. Here’s a quick guide to ensuring that you have the right coverage for the specific niches that many of our readers often fall into:

Making your first business insurance purchase can be an exciting moment—and it can be a little scary. You’re never sure if you’re throwing your money away, or whether that money will ultimately come to your rescue when it’s time to file an insurance claim. But you will have the satisfaction of knowing you did everything in your power to ensure that your company was covered in the good times as well as the bad.

What do you have for small business insurance? What do you recommend to others?